South Korea to make Gwangju city 'International Crypto Valley District'

South Korea’s blockchain association has disclosed its plans to build a ‘specialised crypto-valley district’ in the city of Gwangju. The focus behind this initiative is to turn the city into the n°1 world cryptocurrency hub, thereby creating new job opportunities.

Executive vice-president of Korea Blockchain Enterprise Promotion Association (KBEPA), Lee Han-Young, and the CEO of the Universal group, Kim In-Ki stated : "We plan to meet Mayor Lee officially to deliver the recommended plans to announce and transform Gwangju into a special governing city for cryptocurrency. We also plan to meet the councilperson Kim Dong-Chan to ask for support".

To turn the urban area into a ‘specialized Crypto-Valley District

They added, "We will make a recommendation for the city government to implement a pilot universal coin project to expand market demands, by issuing a digital currency portfolio to small business owners and enforcing ICO. In addition, the Universal Group, the Beerex Chain, and Korea World will cooperate to establish the first office for the universal coin project; residents of Gwangju will be given preference for employment."

Moreover, this initiative is a critic to the South Korean government’s stance towards blockchain and cryptocurrency firms. For instance, unfriendly regulations were forcing some domestic firms to open exchanges abroad : "Estonia and Malta have been the forerunners of the 4th industrial revolution by successfully attracting global blockchain corporations to invest in their cities, and they have enjoyed astronomical rises in the number of jobs created. Our government has attempted to create new jobs by myopically focusing on the manufacturing — auto or shipbuilding — industry, overlooking the rise of 4th industrial revolution."